Many on Wall Street Say It Remains Untamed


William Dudley of the New York Fed has said the malfeasance is not because of “isolated rogue traders or a few bad actors.” CreditAndrew Harrer/Bloomberg News, via Getty Images

Wall Street has changed. But perhaps not as much as you would think.

The past several years have been filled with headline-grabbing legal settlements by financial services firms — $11 billion here, $5 billion there. Most of them involved conduct that took place before the 2008 crisis. Virtually every major Wall Street firm has pledged to redouble its efforts to instill an ethical culture. And virtually all the large firms said that if there was bad behavior, it is behind them…

Many on Wall Street Say It Remains Untamed

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